Fonterra, Sharesies join to make share trading easier
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
Who would work for three months without pay? And who would keep getting up at 5am every day to milk cows despite knowing there will be no milk cheque arriving this month?
These are the questions Taranaki lower order sharemilker Geoff Batchelor posed to Rural News on his farm last week. Batchelor has received only one milk cheque since May and it didn’t even cover the monthly wages of his full-time worker Steven Chisnell.
Yet Batchelor says he gets up every day to milk cows because that’s his passion. He says the low milk price is a blip and will bounce back.
Batchelor and his wife Deanne milk 570 cows for farmer Paul and Tracy O’rorke at Opunake, 45km south of New Plymouth; he employs Chisnell full-time and Chisnell’s wife as a part-time relief milker.
Batchelor says in common with other dairy farmers and sharemilkers they have found the last few months tough.
“Where else would you have a worker turning up for work at 5am in the rain despite not receiving a decent milk cheque since May?
“The cheque we received in August wasn’t enough to pay my staff’s wages, let alone our wages; I’ve been dipping into my overdraft to pay my staff, my wife and myself and cover farm expenses.”
Like other sharemilkers Batchelor is paid by Fonterra as per the sharemilking contract with the farm owner.
Fonterra farmers are paid an advance rate for milk within two months of collection and also get capacity adjustment payments; with the milk price dropping below the advance rate, many suppliers are going without milk income for months.
Batchelor, who made some investments in property, recently sold a house and this has also helped his financial position.
Despite the hardship, he says he loves dairy farming.
“I know there are other sharemilkers worse off than me; we are getting support from the farm owner and are willing to ride out the storm.”
Federated Farmers Sharemilkers section chairperson Neil Filer says many sharemilkers and farmers have gone without milk cheques in the past few months. Lower order sharemilkers and farmers with large herds are facing issues, especially paying staff.
Filer says some farmers are passing on the 50c interest-free loan from Fonterra to sharemilkers to help ease their financial plight.
“I’m getting calls daily from sharemilkers who are facing financial issues,” he says.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Trade Minister Todd McClay says New Zealand has no intention of backing down in a trade dispute with Canada over dairy products.
Horticulture NZ chief executive Nadine Tunley will step down in August.